New Delhi, Nov 12 (IANS) Sunflag Iron and Steel, which supplies components to leading auto manufacturers like General Motors, Maruti Suzuki, Toyota and Nissan, has signed an agreement with Japanese firm Daido Steel for developing specialty steel products.
‘Specialty steel products like crack shaft and ball valve steel is still being imported mainly from Japan. The deal will help us make these products in India itself,’ Vipul Jain, general manager of Sunflag Iron and Steel Co, told IANS Friday.
The Bombay Stock Exchange-listed Sunflag has entered into a partnership with Japan’s leading specialty steel producer Daido Steel for technical assistance, especially for equipment investment and product evaluation.
Jain said domestic production of specialty steel would help cut costs for Indian car manufacturers.
He said the company planned to set up a new plant near Nagpur in Maharashtra or production of specialty steel that will cater to the needs of auto and engineering industry.
‘This tie-up will enable us to receive technological assistance from Daido which will immensely help us in our operations,’ Ravi Bhardwaj, vice chairman and managing director of Sunflag Iron Steel Company.
Bhardwaj said Sunflag has planned incremental investments for adding up new and up-to-date technologies for producing special steels.